Life Insurance Companies registered a 14% rise in underwriting new business with a premium collection of Rs 35,020 crore in September compared to Rs 30,716 crore in same month a year ago.
New business premium collection in the first half of fiscal 2025 rose 19% to Rs 1,89,214 crore, from Rs 1,58,377 crore in the same period last year, as per the monthly data released by the industry body Life Insurance Council.
According to data released by the Life Insurance Council, the life insurance industry saw individual single premiums growing 13% to close at Rs 5,142 crore for September while year-to-date growth stood at 15%.
The public sector life insurer Life Insurance Corporation (LIC) collected new business premium of Rs 20,369 crore in September as against Rs 18,126 crore in the same month a year ago period, recording a growth of 12%. Group single premiums made up the bulk of LIC’s total premium at Rs 12,786 crore, followed by individual non-single premiums Rs 3,862.02 crore and individual single premiums Rs 3,233.44 crore.
For the first three quarters of the current fiscal year, LIC’s new business premium grew 25% to Rs 115550 crore, compared with Rs 92,643 crore in the same period last year.
Private sector insurance companies, recorded a 16% year-on-year rise in new business premiums, totalling Rs 14,651 crore in September. Over the April-September period, private life insurers saw their new business premium grow by 12% to Rs 73,664 crore.
In the private sector, SBI Life Insurance led with Rs 2,992 crore in new business premiums in September, followed by HDFC Life Insurance Rs 2,670 crore and ICICI Prudential Life Insurance Rs 1,660 crore.
Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 45.49% on a year-on-year basis in the month at 32,17,880 policies compared to 22,11,680 policies in the same period last year, according to the Council said.
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